eTrade 2007 Annual Report Download - page 131
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Mandatory Convertible Notes
In November 2005, the Company issued 18.0 million Units that are convertible into up to 25.0 million
shares of common stock, on or before the purchase in November 2008. The conversion ratio depends on the
market price of our common stock 20 trading days prior to conversion. Units are generally convertible only on or
near the purchase in November 2008. (See Note 15—Corporate Debt for additional details on the transaction.)
Share Repurchases
On April 18, 2007, the Company announced that its Board of Directors authorized an additional
$250.0 million common stock repurchase program (the “April 2007 Plan”). The April 2007 Plan is open-ended
and allows for the repurchase of common stock on the open market, in private transactions or a combination of
both.
During 2007, the Company repurchased common stock under the April 2007 Plan and a $200.0 million
repurchase program approved by the Board in December 2004 (the “December 2004 Plan”). During the second
quarter of 2007, the Company completed the December 2004 Plan. The table below shows the timing and impact
of the repurchases during the year ended December 31, 2007 (dollars in thousands, except per share amounts):
Three Months Ended
Total Number of
Shares Purchased
Aggregate
Price
Average Price
Paid
per Share
Maximum Dollar
Value of Shares That
May Yet be
Purchased Under the
April 2007 and
December 2004 Plan
March 31, 2007 1,030,000 $23,022 $22.35 $ 34,142
June 30, 2007 3,128,625 $72,883 $23.30 $211,259
September 30, 2007 3,069,185 $52,727 $17.18 $158,532
December 31, 2007 — $ — $ — $158,532
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